Reverse Mortgage (Ontario)

Bank-Alternative ("B") Mortgage Solutions for Real People in Ontario

Access your home equity with no monthly payments (age 55+)

If you’re a senior who is at least 55 years old with lots of equity but limited monthly income, a reverse mortgage lets you access cash with no required monthly mortgage payments while staying in your home. This can help you fund your retirement needs

Who This Is For

Seniors who still have a small mortgage and some debts that they cannot pay down
Seniors who want to keep living in their home but need their equity to fund their retirement
Seniors who wants to spend their equity to travel or help their kids financially
Seniors who want to renovate their home but cannot qualify for a bank refinance due to only having OAS and CPP Pension Income

Why the Bank Says No

Traditional mortgage options often require:

* Strong income

* Regular employment

* Ability to make payments

This can be difficult for retirees.

How Reverse Mortgage Solutions Help

A reverse mortgage works differently from a traditional mortgage.

It allows you to:

* Access your home equity

* Receive tax-free funds

* Stay in your home

* No monthly mortgage payments - interest is added to the loan balance over time and is repaid when the home is sold, the homeowner moves out, or the estate is settled.

Most homeowners can access about 45% to 55% of their home value, depending on age and property.

Bank vs Alternative Solutions vs Private

Banks:

* Require income and payments

Reverse Mortgage Solutions:

* No monthly payments

* Based on home equity

Private Lenders:

* High cost

* Short-term

Real Example

A retired couple in their mid-70s had a $250,000 mortgage on a $850,000 property in Mississauga, Ontario. They also had $40,000 in credit cards and line of credit. They only had their OAS and CPP pension as income.

They were stressed with paying their mortgage and their debts were increasing as they did not have enough retirement income coming in.

We set-up a $320,000 Reverse Mortgage:

* They utilized their equity to consolidate everything

* They refinanced and do not pay a monthly payment, only their property taxes and utilities

* They received an extra $30,000 they were able to use to renovate their home

* They are now able to able to use their pensions for their day-to-day expenses without worrying about a mortgage and debt payments

Long-Term Plan

This Mortgage Solution helps retirees:

* Improve cash flow

* Stay in their home

* Use equity when needed

Common Mistakes to Avoid

Selling your home (your biggest asset). Just to rent
Not understanding and knowing all your options
Living your retirement with financial stress

Why work with a Mortgage Broker who specializes in Reverse Mortgages

A Reverse Mortgage is a very unique product, and not all Mortgage Brokers have completed one. A Mortgage Broker who focuses in this niche product can:

* Explain to you the pros and cons clearly

* Give you honest advice if this product is right for you

* Guide you through the entire process

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Frequently Asked Questions

What’s the benefit of using a mortgage broker instead of going to my bank?

Banks can only offer their own rules, products, and rates. As brokers, we work with 50+ lenders —so we can shop around for the option that fits your situation, not just one bank’s box.

Why choose Mortgage Wars?

We specialize in non-traditional/Alternative “B” lending. Over the years, we’ve built strong relationships with alternative (and private) lenders and a deep understanding of their products and guidelines. That lets us structure your file the way lenders want to see it—turning real-world situations into real approvals.

What’s the difference between Prime (A), Alternative (B), and Private mortgages?

Prime (A): Bank-type mortgages for people with verifiable income and clean credit.

Alternative (B): For good borrowers who don’t quite fit bank rules—often self-employed or recovering from past credit issues.

Private: Funded by Mortgage Investment Corporations (MICs) and private investors with flexible guidelines—used when A or B won’t work; rates and fees are higher because risk is higher.

Do I really need 20% down or equity for “Alternative (B) Solutions”?

Yes. For purchases you’ll need at least 20% down; for refinances/debt consolidation/equity take-outs you’ll need at least 20% home equity. If you’re unsure where you stand, ask—we’ll run the numbers with you. Reverse Mortgages have higher requirements.

What rate will I get with an Alternative (B) Lender?

Alternative (“B”) rates are based on your full profile—property, equity, income, credit, and purpose. They’re typically around 1% above big-bank rates and well below Private. Reverse mortgages are around 2% higher than regular rates. We’ll shop lenders and present a clear written commitment with your rate, terms, conditions, and all fees so you can decide with confidence—no surprises.

What fees should I expect?

Prime (A) deals: No Broker Fee (lender pays us).

Alternative (B) deals: Expect a 1.0% Lender fee and we charge a flat Broker Fee of $1500 . Other brokers who specialize in Alternative Lending charge on average a 1.0% Broker Fee. Reverse Mortgages have NO Lender/ Broker Fee.

Private deals: Start around 2.0% Lender fees. We charge a flat Broker Fee of $3000, regardless of the size of the mortgage.
*** You’ll also have standard third-party costs like the appraisal and legal fees. We’ll disclose everything up front before you decide.

How fast can I get approved?

Once we submit a complete application, approvals often come back within 24–48 hours. Complex files can take longer, but we’ll set expectations right away.

What is the application process?

Step 1 — Strategy Call
We book a quick virtual strategy call to understand your goals, timeline, property details, and any constraints. We’ll outline the best path and what lenders will look for.

Step 2 — Application & Documents
After the call, we send a secure online application. You submit it and e-sign consent so we can review credit and share information with lenders as needed. You’ll also upload the initial documents (ID, income documents, proof of down payment, and—if refinancing—your mortgage statement/property tax). We’ll give you a simple checklist.

Step 3 — Approval & Appraisal (if required)
We shop lenders and obtain a written commitment outlining rate, term, payment, and conditions. We review it together and, if you’re happy, you e-sign to proceed. If an appraisal is required, we order it at this stage and handle any lender follow-ups.

Step 4 — Lawyer & Funding
The lender instructs an approved real-estate lawyer of your choice. You sign the final mortgage documents (in-office or virtually, where available) and funds are released on completion.